You said you want a 700-800hp car to do road racing in??? Thats kind of streetable??? In what I consider a small displacement that would require a radical cam??? I'm thinking of a good anology here but my brains in a morning funk.
I dunno Sounds like you want to take an Alcohol funny car road racing. Or like you want to take a jet engine to cruise the narrow streets of Italy.
But seriously....smaller displacements need to rev. higher and have more radical cams and higher octane then bigger engines to make the same power. If you weren't road racing and didnt care about the extra weight i would say sell your crap and just buy a 514-557ci stroked 460. That would have you breaking the 700hp threshold all motor pump gas. Trickflow even makes a EFI intake for this motor...then you grab a computer/ harness from a 90's 460 equipped Ambulance or truck. With aluminum heads i don't know how heavy the 460 block would be. But hey i like building cars that i can run pump gas on and achieve my power levels...
700-800hp car road racing on that small of CI prob. running CAM 2 to do it....EEH = Bull in china room that only eats golden bails of hay that cost $8 a straw. Sounds like you want to road race with a track car. The most power doesn't win road races. It's a balance of power and control. Power without control is worthless...
But if you must.....I would build the crap out of your chassis, suspension, roll bars, Sub frames...wait you said road race huh?? Maybe some custom ladder bars, Reinforce the strut towers F & R, Custom Built Torque boxes, Possibly IRS if you want good road racing manners. (straight axles with 700-800hp don't like corners).
Personally i don't think you need much more than 450-500RWHP road racing...Any more than that and you'll be better off racing in a straight line. Unless your 700-800hp mustang was on some kind of monorail like those high speed trains in Japan. J/K
But bottom line ....lots and lots of chassis modifications!!!
Sorry about my rambling....and now my coffee high is gone